Chevron (CHV)
CHV, -0.59%
said the sale will enable the corporation to focus its resources on its core oil, gas and chemicals businesses.

Chevron shares closed down 9/16 to 80 1/2.

The Pittsburg & Midway Coal Mining Company, based in Englewood, Colo., produced 19.6 million tons of coal in 1997. Chevron's coal and other minerals division, comprised primarily of P&M, earned $48 million in 1997.

P & M operates five coal mines in four states with principal customers in Alabama, Arizona, Idaho, Kentucky, Texas, Wisconsin and Wyoming. In addition, the company has partnership shares in three other companies.

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